Poundworld is to close 25 of its stores on 15 July 2018 as a full sale of the business is not possible but discussions regarding the potential sale of the remaining business continues with interested parties.
The closures will result in 242 employees facing redundancy. The stores being closed are: Ashton, Birmingham (The Fort Retail Park), Blackburn, Bradford Ivegate EXPRESS, Carmarthen, Chester, Crewe, Denton DUAL, Derby West, Field, Doncaster, Dumfries, Grays, Halifax, Hyde, Ipswich, Liverpool Bell Vale, Loughborough, Manchester Arndale EXPRESS, Middlebrook, Newcastle Wallsend, North Shields, Nottingham Broadmarsh, Stretford,Sutton Coalfield and Wakefield.
“Whilst we remain hopefully that a sale for part of the business can still happen, it has not been possible to sell the business as a whole, resulting in today’s announcement,” said joint administrator Clare Boardman.
Joint restructuring partners Daniel Butters and Clare Boardman at Deloitte were appointed as Poundworld’s administrators in June. “The retail trading environment in the UK remains extremely challenging and Poundworld has been seeking to address this through a restructure of its business,” said Boardman in June.